备战反收购——全流通下的反收购策略

Be Prepared Against Buy-out

2006年7月25日,中国家电第一并购案正式落下帷幕,国美以52亿港元成功收购永乐。该案例再一次让世人见识了资本市场的魅力。我们有理由预期,未来A股市场同样一定会出现大量的并购案,一个全新的A股市场并购时代已经来临,对于那些希望保持公司控制权的股东(或者公司管理层),制订适当的反收购策略,防止“敌意”收购,已经成为必须重视的问题。

The curtain descended on the first acquisition in Chinese household appliances market on this July 25.Gome's successful acquisition of Paradise for HKD 5.2 billion again demon- strated the charisma of the capital market.It is reasonably expected that there will be more acquisitions in the near future in China's A share market,which is indicating a brand new age of A share acquisition has come.For those shareholders(or management personnel) who hope to maintain control power over their company,it is critical to formulate appropri- ate strategies against'hostile'buy-outs.